PPI Reclaiming discussion Part II

Shellbell

now even more confused :-) my loan agreement does not mention any other insurers so does that mean I need to send off for the policy.

I could just be a bit dim so I will try to show the lay out of the loan amount

Abbey
Loan £££££
Interest£££££
Total Payable £££££££££££

Payment Protection Premium £££££
Interest £££££££££
Total Amount Payable £££££££££££££

Co- op is more or less the same however there is nothing to show what the PPI monthly payments are

di3004

Shellbell wrote: »

now even more confused :-) my loan agreement does not mention any other insurers so does that mean I need to send off for the policy.

I could just be a bit dim so I will try to show the lay out of the loan amount

Abbey
Loan £££££
Interest£££££
Total Payable £££££££££££

Payment Protection Premium £££££
Interest £££££££££
Total Amount Payable £££££££££££££

Co- op is more or less the same however there is nothing to show what the PPI monthly payments are

I assume your ppi is added into the loan where the amount of the ppi is added together as one single loan, so then yes a Single policy.;)

marshallka

Maxdp, when you were on about the rule of 78 this is a typical example of it in requesting 3 settlement figures from FIRSTPLUS



Using rule 78
Repayments £285 per month x 160

Original loan and PPI £21163 6/01/00

so after repayments of 15 x 285.00 totalling £4275 i repaid £57.00 off the loan

Settlement as at 14/04/2001 £21220 (this was after making repayments of 15x285)

---

then I made another 6 repayments totalling 21 in all and this cost £5985 and bought the settlement down by a whopping £276 in total


Settlement as at 30/10/2001 £20887 (this was after making another 6x285 being 21 in all)

---

Settlement as at 15/04/2003 £20410 (this was after making another 18 repayments of 285 being 39 in total)

So after repayments of 39 x £285.00 totalling £11115 I had repaid £753.00 off the loan in all.

---

How can they justify this to anyone... Making repayments of £11,115 and that reducing the loan by £753.00


I want my money back from these thugs..................:mad: :mad: :mad:

THIS FOLKS IS WHAT A FRONT LOADED POLICY IS...

NOWADAYS IF THAT HAD HAPPENED USING THE NEW SETTLEMENT REBATE IT WOULD BE TWO MONTHS INTEREST MAXIMUM...

The most annoying thing here was having to keep the loan another 18 months between the second settlement figure and what we settled at and after another 18 repayments of £285.00 PER MONTH totalling £5130 i had only paid off another
£477.00....

marshallka

Shellbell wrote: »

now even more confused :-) my loan agreement does not mention any other insurers so does that mean I need to send off for the policy.

I could just be a bit dim so I will try to show the lay out of the loan amount

Abbey
Loan £££££
Interest£££££
Total Payable £££££££££££

Payment Protection Premium £££££
Interest £££££££££
Total Amount Payable £££££££££££££

Co- op is more or less the same however there is nothing to show what the PPI monthly payments are

Abbey could have used their own insurance. Its different with every policy.

marshallka

Shellbell wrote: »

now even more confused :-) my loan agreement does not mention any other insurers so does that mean I need to send off for the policy.

I could just be a bit dim so I will try to show the lay out of the loan amount

Abbey
Loan £££££
Interest£££££
Total Payable £££££££££££

Payment Protection Premium £££££
Interest £££££££££
Total Amount Payable £££££££££££££

Co- op is more or less the same however there is nothing to show what the PPI monthly payments are

Co-op dont show the amounts of the PPI interest seperate..

Shellbell

I have just found the paragraph below on the Which website, I sent my letters to addresses which were on the loan agreements and I'm not even sure if either companies still use those addresses, I'm in two minds whether to ring Abbey just to get actual clarification that they are SPP which I'm pretty certain they are and I think some of you are too.

However I don't want to ring and go all guns blazing which I sometimes do when I get very annoyed when I feel I've been done out of something :-)


Cancelling a single premium policy

If you’ve taken out PPI alongside a loan or finance agreement, then the chances are you have a single premium policy, which means you’ve paid for insurance covering the whole term up front.
It’s now possible to cancel the policy before the end of the term. New rules brought in by the Financial Services Authority (FSA) mean the lender must give you a fairly calculated refund, but you can be charged reasonable costs.

Shellbell

On my agreement with the Co-op it does, its show Personal loan amount, interest and Total payable. PPI is in the same layout

This is a bit of a headache :-)

marshallka

Shellbell wrote: »

On my agreement with the Co-op it does, its show Personal loan amount, interest and Total payable. PPI is in the same layout

This is a bit of a headache :-)

Look shellbell they are single premiums without a doubt. They are loans to pay for PPI policies.

marshallka

marshallka wrote: »

Maxdp, when you were on about the rule of 78 this is a typical example of it in requesting 3 settlement figures from FIRSTPLUS



Using rule 78
Repayments £285 per month x 160

Original loan and PPI £21163 6/01/00

so after repayments of 15 x 285.00 totalling £4275 i repaid £57.00 off the loan

Settlement as at 14/04/2001 £21220 (this was after making repayments of 15x285)

---

then I made another 6 repayments totalling 21 in all and this cost £5985 and bought the settlement down by a whopping £276 in total


Settlement as at 30/10/2001 £20887 (this was after making another 6x285 being 21 in all)

---

Settlement as at 15/04/2003 £20410 (this was after making another 18 repayments of 285 being 39 in total)

So after repayments of 39 x £285.00 totalling £11115 I had repaid £753.00 off the loan in all.

---

How can they justify this to anyone... Making repayments of £11,115 and that reducing the loan by £753.00


I want my money back from these thugs..................:mad: :mad: :mad:

THIS FOLKS IS WHAT A FRONT LOADED POLICY IS...

NOWADAYS IF THAT HAD HAPPENED USING THE NEW SETTLEMENT REBATE IT WOULD BE TWO MONTHS INTEREST MAXIMUM...

The most annoying thing here was having to keep the loan another 18 months between the second settlement figure and what we settled at and after another 18 repayments of £285.00 PER MONTH totalling £5130 i had only paid off another
£477.00....

Which could equate to 91% of the repayments were interest here....
91% of £5130 = £4668.30
If i only reduced my capital by making repayments of £5130 by £477.00 then the rest was interest.....................................

I know this is not the case, it is cause of front loading this policy but I only found that out recently...

I want these in the courts and the whole lot back..the loan and everything here... I am now seriously considering this..

di3004

marshallka wrote: »

Which could equate to 91% of the repayments were interest here....
91% of £5130 = £4668.30
If i only reduced my capital by making repayments of £5130 by £477.00 then the rest was interest.....................................

I know this is not the case, it is cause of front loading this policy but I only found that out recently...

I want these in the courts and the whole lot back..the loan and everything here... I am now seriously considering this..

I would, you do have a good strong case here.;)